Your fund continued to outperform its STEFI 3-month index benchmark over all periods measured. The underlying manager (Coronation) has taken advantage of the interest rate environment of the last six months and locked in attractive yields on short-dated money market paper, and further enhanced the yield of the fund by using corporate debt. The duration (average instrument maturity) of the fund decreased over the second half of the year from 0.40 years to 0.25 years, as the fixed instruments that the manager invested in during period moved closer to maturity. Although the duration of your fund is currently similar to the benchmark, the maturity profile is very different, with the bulk (64%) of the fund being invested in the 1-to-6 month area of the yield curve. The manager also has small positions in the 7-to-9 months, 10-to-12 months and 1-to-3 year areas of the yield curve.